The third Finance Ministers and Central Bank Governors (FMCBGs) meeting under India’s G20 presidency is set to take place in Gujarat’s Gandhinagar on July 17-18, chaired by Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das. According to Ajay Seth, Secretary of the Department of Economic Affairs, over 520 delegates, including ministers, governors, and deputies, are expected to participate in the meetings, which will be organized into five thematic areas.
The first thematic area is focused on the global economy and global health. The second deals with sustainable finance and infrastructure, while the third centers around international financial infrastructure. The fourth area is international taxation, and the fifth is dedicated to financial sector issues and financial inclusion. During the sessions, several deliverables will be presented to the ministers and governors.
Ajay Seth highlighted that the Finance Ministers and Central Bank Governors held their first meeting in Bengaluru in February 2023, during which various priorities were identified and approved. Since then, extensive work has been completed involving participation from all G20 nations and international organizations. The reports and findings resulting from this work will be presented to the ministers and governors, who will provide guidance and approve several of these reports as the way forward.
Prior to the main meeting, on July 14th and 15th, a meeting of the deputies from the finance ministries and central banks of G20 countries, invited countries, and international organizations will be held. The deputies will discuss the various deliverables and the draft outcome document expected at the conclusion of the ministers’ and governors’ meeting.
Some of the key deliverables of the meeting include Volume 1 of the Report of the G20 Independent Expert Group on strengthening multilateral development banks. Another important deliverable is progress on debt treatment for countries facing debt vulnerabilities under the common framework. The meeting is also expected to generate a guidance note for developing a globally coordinated framework for the regulation and supervision of crypto assets. Furthermore, recommendations on advancing financial inclusion and productivity gains through the use of digital public infrastructure will be presented. Lastly, principles for financing the cities of tomorrow will be discussed.
In addition to the main meetings, several side events have been planned. These include an infrastructure investor dialogue on leveraging funding and financing mechanisms for cities of tomorrow, a high-level tax symposium on combating tax evasion, corruption, and money laundering, a roundtable on crypto assets, and a roundtable on the report of the G20 expert group on strengthening multilateral development banks. Two workshops will also be held—one on interlinking fast payment systems and achieving growth-friendly climate action, and the other on financing for emerging and developed economies.
To make the experience more enriching, cultural programs and excursions have been planned for the finance ministers, governors, and their delegations.
India assumed the G20 Presidency on December 1, with the theme Vasudhaiva Kutumbakam or One Earth One Family One Future.
In conclusion, the upcoming third meeting of the Finance Ministers and Central Bank Governors will cover five thematic areas, focusing on crucial topics such as the global economy, sustainable finance, and international taxation. With the participation of over 520 delegates, including ministers and governors from various countries, the meeting aims to present deliverables and approve reports on key priorities identified during the previous meeting. Additionally, several side events and workshops will be held alongside the main meetings.
